The Delek Real Estate unit sold the office bloc for ₤18 million.
Delek Real Estate Ltd. (TASE: DLKR) subsidiary Delek Global Real Estate Ltd. (AIM:DGRE) has sold its 75% stake in the 4,700-square meter Repslagaren 37 office and commercial property, in Stockholm for ₤18 million. Delek Global booked the property at 217 million Swedish kronas in its financial report for the third quarter of 2008, and sold it at a value of SEK 235 million.
The SEK145.17 million outstanding balance of the loan on the property has been repaid in full. Delek Global acquired its stake in the property in April 2004 for SEK 185.5 million. The company's net proceeds from the sale, after repaying the bank loan and expenses, is ₤4.5 million (SEK 54 million).
Delek Global Real Estate closed at ₤0.21 on London’s Alternative Investment Market (AIM) on Friday, after rising 3.6%, giving a market cap of ₤57 million. The share is down over 78% for the year. Delek Real Estate's share rose 5.6% at the opening on the TASE today to NIS 3.59.
Published by Globes [online], Israel business news - www.globes-online.com - on January 18, 2009
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